A brief introduction to OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 oil-producing countries who meet to coordinate petroleum policies and ensure market stability. OPEC is in effect an oil price-setting cartel.
Why are OPEC important?
OPEC meetings are scheduled in advance by one or two meetings, and can be relevant especially in moments of market volatility for energy prices.
Oil can have regular price fluctuations before and after such meetings, and oil traders pay attention to the meetings.